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Korea's economy expected to grow 2.1 pct this year: survey

All News 12:00 February 09, 2020

SEJONG, Feb. 9 (Yonhap) -- South Korea's economy is expected to grow 2.1 percent this year, a survey of economists by the state-run Korea Development Institute (KDI) showed Sunday, but the prediction did not fully reflect the economic impact of the new coronavirus.

Still, the KDI's new forecast is less optimistic than the Bank of Korea's prediction of 2.3 percent.

South Korea's economy grew 2 percent last year, its slowest growth in a decade. The Ministry of Economy and Finance expected the economy to grow 2.4 percent this year.

Hit by a trade war between the United States and China, South Korea's exports fell 10.3 percent on-year in 2019 to $542.4 billion.

The KDI survey predicted that South Korea's exports would grow 2.1 percent this year and 3.5 percent next year.

Concerns are growing over South Korea's export performance down the road amid the new coronavirus crisis.

It is widely feared that the outbreak and spread of the novel coronavirus, which is believed to have originated in the Chinese city of Wuhan, will dampen China's economic growth in the first quarter.

China is South Korea's leading export market, with slightly over 25 percent of its overseas shipments going to the world's second-largest economy after the United States.

Korea's economy expected to grow 2.1 pct this year: survey - 1


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